in the wage-setting relation, the nominal wage tends to decrease when group of answer choices the price level increases. the unemployment rate decreases. unemployment benefits decrease. the minimum wage increases. all of these

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04-11-2022
Business

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in the wage-setting relation, the nominal wage tends to decrease when group of answer choices the price level increases. the unemployment rate decreases. unemployment benefits decrease. the minimum wage increases. all of these

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AnnuG AnnuG · Answer 1 · 2022-11-13T22:41:25-05:00

In the wage-setting relation, the nominal wage tends to decrease when, "the unemployment rate decreases."

Nominal wage reductions lower morale, which can result in decreased production and/or attrition. Given this, sensible businesses avoid cutting nominal pay in favor of allowing real earnings to decline in step with inflation.

People are more likely to seek job as the unemployment rate rises, which increases the labor pool and lowers the nominal pay, or labor price.

Since the nominal salary is purely reliant on the wage's dollar value, it doesn't change when the price level rises. On the other hand, because it is dependent on the wage's purchasing power, the real wage declines. With a higher price level, a given pay may buy fewer goods and services.

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